NY, LA to lead smart city charge, as global market for civic tech nears $1bn by 2023
The global market for smart city information and communications technologies will grow by 15.8 per cent per year on average over the next five years, reaching $994.6 million by 2023. A new report by BCC Research claims cities in North America will dominate, notably New York, Los Angeles, and Chicago in the US, and Toronto, Vancouver, and Calgary in Canada
The market for smart city technologies is worth $476.7 million in 2018, reckons BCC Research. Over the next five years, around two-fifths of the value ($419 million) will be realised in North America alone, a third will come from energy management ($330.9 million) solutions, and a quarter ($288.4 million) will come through the deployment of ‘internet-of-things’ (IoT) sensors.
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